A statewide survey finds optimism for the economy in the coming year among professional business service firms such as engineers, accountants, and consultants.
The survey by the Minnesota Department of Employment and Economic Development or DEED and the Federal Reserve Bank of Minneapolis says nearly half of the respondents expect to see increases in revenue; 40 percent expect an increase in profits; about a third expect revenue and profits to stay the same.
The results have implications for more than just the services sector, DEED Economic Analysis Director Neal Young said.
"These businesses, they work for industries throughout our economy and so if they are optimistic about the general direction of the economy as well as their business it generates some optimism for our economy more broadly," Young said.
"We did find that business services firms expect that wages are going to go up — 58 percent of our respondents expected to increase wages over the next year."